Deputy Trade Commissioner for South Asia at the British High Commission, Anna Shotbolt, stated that the India-UK Free Trade Agreement is expected to boost bilateral trade between the two nations by £25.5 billion each year.

“However, it encompasses more than just tariffs, which are indeed a vital component that will benefit numerous industries. Creative enterprises will also gain from enhanced copyright protections, and the services sector is set to experience advantages as well. The Double Contributions Convention (DCC) will assist workers on both sides, fostering greater transparency and certainty,” she remarked at an event organized by the industry body PHDCCI in the national capital recently, as noted in a PHDCCI statement.

The India-UK Free Trade Agreement (FTA), announced on May 6 after nearly three years of negotiations, is one of the most extensive free trade agreements ever established by India.

Ranjeet Mehta, CEO and Secretary General of PHDCCI, highlighted the significance of the social security clause that aids Indian professionals moving to the UK and asserted that India must leverage this FTA.

As PHDCCI commemorates 120 years of its legacy, Mehta mentioned plans to lead a business delegation to the UK this September, stating, “we are eager to explore the opportunities this agreement offers,” Mehta added.

“India’s ambition of achieving net zero by 2070 also necessitates that businesses, particularly MSMEs, become sustainable and technologically advanced. Whether in services or products, India should enhance collaboration with the UK, which offers a substantial market for Indian MSMEs,” he stated.

TS Vishwanath, Founder and Executive Chairman of VeK Policy Advisory and Resource Firm, remarked that the FTA is not solely focused on trade but also on fostering bilateral expertise.

“We should earnestly investigate how both nations can invest in one another through a robust EODB environment. It is essential to engage directly with industries to pinpoint challenges and cultivate strong relationships.”

Kishore Jayaraman, OBE, Global Board Director and Chairman of the India, UK India Business Council, remarked that this marks the start of a new era, as the FTA allows both countries to utilize their strengths and capabilities.

“In addition to trade, we should also investigate sectoral synergies, since India has the ability to make a substantial impact on the economies of both countries,” he continued.

Ajay Aggarwal, President of the Toy Association of India, highlighted key areas where Indian enterprises can gain from the UK market.

Discussing the toy industry, which is experiencing rapid growth and has transitioned from being reliant on imports to now producing approximately 80 percent domestically, he stressed that there is significant potential for collaboration.